Remortgage - physical valuation by coventry building society

[breadandroses92]

Someone is coming in. What should I expect.

I got the cleaner round anyway but is it standard to get physical valuation?

2 bed 1930s flat in London.

Yes it’s standard. They’ll only do a desktop or drive by for a lower loan to value. For the standard 10-20% deposit they’ll inspect. They just look around like the agent would and look at comparables in the area (they’ll do this at the office) to check you’re not paying over the odds.

We had a remortgage for an increase loan for a kitchen, they had a good look round like they do for a survey when you buy the house. We just left them to it.

This is not so usual if your are just looking to transfer the same amount to a new product. Quite usual if your trying to borrow more money. As values are falling they need to make sure there is still plenty of equity in the property for them to get back thier money in the event of you defaulting.

My ltv is 65% though.

I am just transferring and my ltv is 65%. I am not british though I have settled status. Dh is British.

I'm not sure then, it could be simply that they randomly choose a certain number for a physical assessment. Are you aware of any known problems in similar property in your area ? Or a larger than average downturn in value ?
I would certainly be asking when they have finished - but you may get no info, or I'm just told where to go type response. I don't think your citizenship status will have anything to with it.

https://bestadvice.co.uk/the-coventry-changes-valuation-policy/

I can't find info on their current policy on physical valuation, but during the pandemic when they couldn't do physical valuation:
For flats – the maximum allowable LTV will be 50%.
For houses – no changes for applications up to 85% LTV, as the lender will be increasing its maximum allowable LTV for non-physical valuations to 85%. Applications with an LTV over 85% will be accepted and processed to the point of valuation, when they will be put on hold until a physical valuation can happen.

And this:https://www.mortgagestrategy.co.uk/news/coventry-relaunches-75-ltv-deals-but-tightens-self-employed-policy/

Coventry Building Society has brought back 75 per cent loan-to-value remortgage deals for residential and buy-to-let borrowers.
The lender has launched new products today after previously capping LTVs at 65 per cent when lockdown restrictions came into force making physical valuations impossible.

Ive never had this, We are with Coventry, always just done over the phone.

Coventry sent someone to value our house when we remortgaged a few years ago. Took about 20 mins and didn't cause any issues. He did weirdly climb into the loft without a ladder though (he refused the offer of one..). From the shoe prints he left on a duvet I think he launched himself upwards off the bed.

Oh i have loft access through my flat but I have never been in it ! The loft isn't demised to the flat anyway (though i know previous occupants have stored stuff in it!)

what was your ltv if you don't mind me asking?

@breadandroses92 I think it was either 80% or 85% at the time

I think it’s quite random. I was really
worried because we were told we need a physical valuation and our LTV was 30ish %. Our kitchen was a mess because we’d taken some cabinets down and I thought that might be a problem. We weren’t borrowing more. 90k loan, houses of the same style in the area list between 280k to 330k and they still sent someone over. Surveyor took about 20mins just wandering around and taking photos. She said there were no problems and we got the email from the lender that afternoon confirming they had the survey report was ok